Blockchain cybersecurity startup Valid Network today announced raising $8 million in a seed funding round, bringing the total raised by the company to $10 million.
Using proprietary technology, the Israel-based company aims at providing organizations with the visibility and control needed to keep track of all their decentralized applications, and ensure the compliance and security of their software.
Valid plans to use the new funds to fuel research and development, increase its team in Israel, and also open an office in New York City, to expand its business in the United States. Mainly focused on development to date, the company is now ready to seek partnerships.
The company aims to tackle the security and assurance challenges that emerge from the use of decentralized applications through which data is shared. Enterprise blockchain technology, Valid claims, provides organizations with privacy, trust, and audit ability when implementing new services.
“We built Valid Network on the vision that blockchain-based technologies will open a whole new world of possibilities for businesses globally, unleashing new efficiencies and ways of working,” stated co-founder and CEO Kfir Nissan.
“Valid Network will enable safer and faster adoption of these revolutionary technologies for the benefit of organizations and consumers worldwide. We are thankful for the vote of confidence by our investors, and plan to work hard to fulfill our ambitious plans and make Valid Network into a sustainable, thriving company that brings tangible value to its customers,” Nissan added.
U.S.-based cybersecurity venture capital firm Ten Eleven Ventures led the seed round. Previous investor Jerusalem Venture Partners (JVP) also participated.